Leases

3 Months Ended

Mar. 31, 2026

The Company leases office space in California, Michigan, Malaysia, Japan, Taiwan, the Netherlands, Finland, Ukraine, and India, all under non-cancellable operating leases with various expiration dates through May 2029.

The remaining lease terms vary from a few months to four years. For certain of its leases the Company has options to extend the lease term for periods varying from one to five years. These renewal options are not considered in the remaining lease term unless it is reasonably certain that the Company will exercise such options. The Company also has variable lease payments that are primarily comprised of common area maintenance and utility charges.

The Company has entered into an operating lease arrangement that has not yet commenced as of March 31, 2026. This lease primarily relates to office facilities in California. As the commencement date has not occurred, the related right‑of‑use assets and lease liabilities have not been recognized in the condensed consolidated balance sheets as of March 31, 2026. The undiscounted future minimum lease payments under this lease are approximately $83.2 million.

The table below presents the operating lease-related assets and liabilities recorded on the condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025:


	As of
	March 31, 2026			December 31, 2025

	(in thousands)
Right-of-use assets	$	3,479		$	4,089
Lease liabilities included in accrued expenses and other current liabilities	2,419			2,478
Lease liabilities included in other non-current liabilities	537			1,132
Total operating lease liabilities	$	2,956		$	3,610
Weighted-average remaining lease term (years)	1.5			1.6
Weighted-average discount rate	5.4		%	5.3		%

The table below presents certain information related to the lease costs for operating leases for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
	2026		2025

	(in thousands)
Operating lease cost	$	741	$	805
Short-term lease cost	345		505
Variable lease cost	808		1,024
Total lease cost	$	1,894	$	2,334

Cash paid for operating lease liabilities was $0.8 million and $0.8 million for the three months ended March 31, 2026 and 2025, respectively.

Operating Lease Cash Flows

The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease liabilities recorded on the condensed consolidated balance sheet as of March 31, 2026:


	(in thousands)
Remainder of 2026	$	2,032
2027	756
2028	221
2029	82
Total minimum lease payments	3,091
Less: amount of lease payments representing interest	(135)
Present value of future minimum lease payments	2,956
Less: current obligations under leases	(2,419)
Long-term lease liabilities	$	537